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Proposed changes to Public Fund Bank Accounts

In December 2017 the Federal government announced that it would be seeking to remove the requirement for certain Deductible Recipient Funds to operate a separate fund bank accounts, managed by a majority of people deemed to be more responsible.

There is currently no legislation, so this requirement is still in place for public funds including school building, overseas aid and necessitous circumstances funds. Even when the legal requirement is removed, the governing documents of impacted Funds might require such funds to continue to operate under the old rules. Those seeking to reduce the level of administration by closing a bank account should consult their governing rules, as they may need to be amended.